Life insurance ensures that your loved ones receive financial support in the unfortunate event of your illness, permanent disability or death.
It also gives you peace of mind that their financial needs will be taken care of, should something happen to you and you’re no longer able to provide for them.
Buying a life insurance policy may seem like a straightforward process, but many parents tend to overlook certain factors. Before committing to a policy, here are three important considerations to keep in mind:
- There are different types of life insurance. The main ones include Whole Life Insurance and Term Life Insurance. You should choose the one that best suits your and your family’s situation and needs. For instance, if you want something that is high coverage and has an affordable premium, you may want to get a term life insurance plan.
- Decide how much cover you really need. According to a Life Insurance Association study, you should have life insurance coverage of nine to 10 times your annual income. Skimping on coverage or not buying the right type of cover may end up costing you even more in the long run. Some questions to ask yourself are: “Would I always be able to maintain the same quality of life?”, “Am I sufficiently covered for my future family obligations?” and “Do I have an outstanding home loan or other liabilities right now?”
- Think about getting additional coverage. Critical Illness riders, for example, cover for common illnesses such as cancer. Such a rider protects you from financial loss in the event of a dread disease, and is especially crucial if you have a young family.
Two Plans, Four Big Features
Term life insurance is a great way to get the coverage your family needs and deserves in case something happens to you. FWD Insurance offers two types to choose from: Renewable Term and Fixed Term. Both have a range of features that make them ideal for young parents like you.
The main features for FWD’s Renewable Term and Fixed Term insurance include:
1. No medical examination: You can buy up to $1.5 million worth of coverage without the need for a medical check-up if you are in good health.
2. Big coverage at affordable prices: You can get a million-dollar term life insurance policy from as low as $1 a day.
3. Flexibility: FWD lets you choose how long you want to be covered. With the Renewable Term plan, you start with a low premium and enjoy the flexibility to renew till the age of 100. With the Fixed Term plan, you can plan with more certainty, with premiums that always stay the same. Want to beef up your coverage? Mix and match optional benefits to protect yourself if you’re diagnosed with a critical illness or become unable to work due to a total and permanent disability.
4. Get insured online in just a few minutes: Signing up for a FWD Term life insurance is as easy as logging onto the website, www.fwd.com.sg/life-insurance/enhanced-term-life-insurance. www.fwd.com.sg/life-insurance/enhanced-term-life-insurance. You can now get a quote from wherever you are, in just 10 seconds.
Terms and conditions apply. Protected up to specified limits by SDIC. Note: This advertorial has not been reviewed by the Monetary Authority of Singapore.
This article first appeared on Young Parents, March 2020 / images: 123RF.com
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